New Singapore insurance rules won’t require op risk charge


SINGAPORE -- New risk-based rules for general insurance companies in Singapore would not require a charge against operational risk, a discussion paper on a risk-based capital framework for insurers said in December.

The working group behind the paper said operational risks could be better dealt with by a company’s internal risk management systems and monitoring by supervisors.

Operational risks, such as incompetent or fraudulent management, systems failure and legal risk, are generally difficult

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